Chainlink set for a price fall despite conducting $6.18 trillion worth of transactions in 2022

Chainlink’s oracle networks and data feeds have pushed the project’s presence in the crypto space, which is only improving with every passing day. However, beyond the crypto space too, Chainlink is noticing demand, which is expected to trigger a bullish momentum for the cryptocurrency. Unfortunately, the possibility of the same happening is pretty low at the moment.

Chainlink in 2022

As the market entered the fourth quarter this week, Chainlink released its growth through the third quarter. With over 1,500 projects within its ecosystem, Chainlink has integrated with 15 L1 and L2 blockchains, including the likes of Polygon, Fantom and Solana.

Last quarter, Chainlink also introduced a new metric called the Transaction Value Enabled (TVE). According to the network, TVE measures the aggregate monetary value of transactions facilitated by a protocol within a given period. 

At the moment, tracking eight of the 15 integrated blockchains, Chainlink has conducted over $6.18 trillion worth of transactions throughout 2022.

However, outside the crypto space, Chainlink found preference as it partnered with the Society for Worldwide Interbank Financial Telecommunications (SWIFT) this week. The interbank messaging system will be working with Chainlink on a cross-chain interoperability protocol. 

This protocol will help SWIFT accelerate the adoption of blockchain and DLT technology, improving cross-border payments.

However, the situation on the charts may not be looking too good for Chainlink investors.

Chainlink exhibiting a red flag

Trading at $7.72, LINK is gradually rising within upward trendlines. However, combined with the crash from March to May, the formation resembles the early Bear Flag pattern. With the slump acting as the flag pole and the sideways movement from the last four months forming the flag, LINK is inching closer to its critical resistance at $8.06.

Chainlink 24-hour price chart

This formerly tested level can be the bounce-off LINK needs to rally hereon. But failure in breaching the upper trendline could result in a price fall for LINK.